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People keep saying this, but I don't follow. FTT was a token manufactured out of thin air. Crypto works as a concept, I suppose, but people saying crypto works

by bmitc 4y ago

People keep saying this, but I don't follow. FTT was a token manufactured out of thin air. Crypto works as a concept, I suppose, but people saying crypto works is like the people that say Agile works. How long do we have to wait to see crypto working? Where are the success stories of crypto? There's a long laundry list of hacks, scams, company failures, "tokenomics", NFTs, <x> on blockchain, etc. Saying crypto works as a technology base is not enough. Currencies and tradeable "assets" are a social thing. It isn't just a technology.

netheril96 4y ago
Lumping diagonally opposed things (centralized coins like FTT or decentralized coins like BTC) under the same category (crypto) is quite misleading. > How long do we have to wait to see crypto working? BTC (on chain) is still working as intended, after all these years.
- bmitc 4y ago
  > Lumping diagonally opposed things (centralized coins like FTT or decentralized coins like BTC) under the same category (crypto) is quite misleading. Crypto generally means digital currency, does it not? I think leaving them out would be actually misleading. > BTC (on chain) is still working as intended, after all these years. Working in what sense?
  - wsc981 4y ago
    > Working in what sense? That you can securely and cheaply transact value without a third party being involved? That governments can’t directly block your account the way Trudeau blocked protestors bank accounts? Probably a few other ways as well ...
    - Stention314 4y ago
      Bitcoin fees are often not cheap at all. Just a week ago someone got cought and the fbi took his 3 billion dollar worth of BTC. Sending crypto to someone in Iran or Russia is against the law independent of how you do it. And just because you can send BTC to Iran someone in Iran also needs to exchange it to something real again. While banking is more restrictive, when you go to your bank with your passport, you actually can recover your account. I know someone who lost 10k because he lost his key. For most people it's saver and easier and they are not affected and don't care about all those BTC/crypto benefits at all
      - kevinak 4y ago
        You need to start backing up your statements with facts. Please show us that bitcoin fees are "often not" cheap at all. Here's some actual data you can look at: https://mempool.space/graphs/mining/block-fee-rates#all https://mempool.space/graphs/mining/block-fee-rates#all Look at the "Min" fee rate; regularly very close to 1. That's $0.02 at current prices.
        Stention314 4y ago
        Sources? I was buying and transferring bitcoins over 8 years as I bought weed through it. Of course you can even pay 0 but you know it's not the normal someone would wait days for the transaction going through. You clearly did not use Bitcoin often enough otherwise you could just looked the spikes up yourself. That first corona year was even worse with the fees.
        kevinak 4y ago
        That's not a source. I literally posted a source showing you it's very cheap. The minimum fee is the lowest fee you'll pay to get into the next block. I used Bitcoin way back in 2010. Though I don't understand why that makes a difference since you can look up the prices in hindsight.
      - wsc981 4y ago
        > Sending crypto to someone in Iran or Russia is against the law independent of how you do it. One thing to keep in mind: laws are not always just. I believe it's okay to sometimes not follow the law, if the law is unjust. One example: in WW2 Germany there were many laws against minorities that were unjust [0]. Most law obedient people would follow these laws regardless. Perhaps a person want to support his family in Iran or Russia that's going through difficult times. And perhaps crypto is the only way to help. In such cases I think it's okay to oppose the law. --- [0]: https://encyclopedia.ushmm.org/content/en/article/the-nuremberg-race-laws https://encyclopedia.ushmm.org/content/en/article/the-nuremb...
- YossarianFrPrez 4y ago
  It's an interesting level of abstraction question. On a fine-grained level, yes, BTC works algorithmically as you have pointed out, and FFT is not the exact same thing as BTC. The question the is whether either of these things work socially / for society. Whether it's accurate or not, I imagine non-experts would regard the difference between BTC and FFT as pretty negligible, perhaps akin to the difference between "social media" and IG vs. Reddit.
  - Bootvis 4y ago
    The creation, distribution and governance are completely different. The public may not care but in the long run we mow see it matters.
    - Bootvis 4y ago
      To support my point: https://mobile.twitter.com/whale_alert/status/1591616598280122368 https://mobile.twitter.com/whale_alert/status/15916165982801... This doesn’t happen with BTC because it wasn’t created out of thin air.
- grumpyprole 4y ago
  > BTC (on chain) is still working as intended, after all these years. It's certainly working on destroying the planet with its obscene energy requirements.
  - systemvoltage 4y ago
    I am not a fan of "destroying the planet" arguments mainly because anything goes, super ambiguious and not very precise. Buy our razors because cartridge razors are destroying the planet! https://bandisposablerazors.org/ https://bandisposablerazors.org/ Destroying the planet = Can't question it, can't argue about it, it is the end all of all arguments. How could you ever oppose something that destroys the planet? They all sound the same: https://en.wikipedia.org/wiki/Greenwashing https://en.wikipedia.org/wiki/Greenwashing
    - kevinak 4y ago
      On top of being hard to argue against, it just isn't true. It's a net positive for the environment, at least it will be in a couple of years: https://batcoinz.com/50-landfills-mining-bitcoin-a-zero-emission-bitcoin-network/ https://batcoinz.com/50-landfills-mining-bitcoin-a-zero-emis...
      - systemvoltage 4y ago
        Generally though, conceptually the argument goes like this "You can't do X because it destroys the planet. Since we cannot destroy the planet, there is no other option but to accept banning of X". But, there is no limits or guards to this. You can easily go down the slippery slope and say X is the city of Chicago that needs to be destroyed for the collective good. It consumes too many resources. Riddled with subjectivism. You cannot do less since there are no objective limits to what is "acceptable levels of destruction of the planet" means. It has a different subjective weight to different entities arguing the position. In the limit, this would mean we erase humanity all together and leave the planet alone. You can bully a lot of things your way before any one can speak up against it. There is a level of insidious moral superiority built into it which makes it prime for exploitation. Corporations are doing exactly that.
capkutay 4y ago
FTX is a centralized (not DeFi) exchange that used their own coin as collateral and obfuscated their liquidity. This wouldn’t be possible in open decentralized exchanges that many in web3/crypto were advocating for. However SBF made it his mission to lobby regulation on DeFi and a blind eye to CeFi exchanges like his own. https://www.politico.com/newsletters/morning-money/2022/10/21/defi-showdown-at-senate-ag-00062869 https://www.politico.com/newsletters/morning-money/2022/10/2...
- vkou 4y ago
  > many in web3/crypto were advocating for. If many people in this space are advocating for decentralized exchanges, how come everyone uses centralized ones? If there's ever a time and place for voting with your wallet, this seems to be it, and the wallets are speaking loudly and clearly.
  - zeroclip 4y ago
    The wallets are speaking clearly, DeFi volume is through the roof right now. https://defillama.com/dexs https://defillama.com/dexs A lot of people put money on CEX because they are ignorant, or willing to take on some risk for slightly cheaper and faster trades. Those people probably regret their decision now. If they used Uniswap and Aave they could not have withdrawals paused because of one company’s insolvency.
  - apienx 4y ago
    "If many people in this space are advocating for decentralized exchanges, how come everyone uses centralized ones?" Convenience.
  - boppo1 4y ago
    DeFi doesn't interface with fiat.
- hiq 4y ago
  You just get a different set of tradeoff on a decentralized exchange. E.g. many users don't have the basic opsec required to protect their private key without losing it. For a cryptocurrency owner taken at random, I think it's likelier that they make a mistake with their private key than they lose tokens held in a Coinbase (or another CEX among the less dodgy, regulated, etc.) account.
Nursie 4y ago
This is what the entire cryptosphere always seems to miss - society. People have pitched cryptocurrency/blockchain/NFTs for all sorts of things, and every one is a pure tech solution that misses the social aspect. I had someone try to tell me blockchain voting would fix Russian democracy, because it would ensure transparent, accountable elections. OK, so how are you getting it in there? Just going to stroll into the Kremlin and make the current leadership implement it? You’ll be laughed at shortly before your arrest. No, fixing Russian politics is primarily a social issue. Transparent, accountable voting could be part of a possible future effort at reform, but first you need to somehow gain the power to implement reform at all. Coming up with a software solution alone does nothing. And this is what is often missed. “I can imagine a better future in which my amazing software solution plays a pivotal role, therefore if I create that software, things are sure to turn out that way”
naijaboiler 4y ago
Its really a viewpoint common to tech workers. They see and solve the technological aspects of a problem while remaining blind to the larger more complex social aspects that remain unsolved, but think the problem is solved. Here are other examples: - promising self driving cars (driving is more than a technical activity, it's a social activity. AI is nowhere close to driving the easier technical aspects, much less the more complex social aspects) - AI is already better than or will replace doctors. As of all doctors do is look at symptoms and up with diagnosis. The social part of medicine is the larger job by far, not diagnosis. - algorithms can't biased. My AI predicts some function that has some real life impact. That the input data is biased, and therefore the output data is just as biased or even more biased. Well that's not my problem. I only build models, and lines of codes are not biased. But the result of your work is being used in the society to perpetuate bias. It's not okay to remain wilfully oblivious to that.

by bmitc 4y ago

netheril96 4y ago

Lumping diagonally opposed things (centralized coins like FTT or decentralized coins like BTC) under the same category (crypto) is quite misleading. > How long do we have to wait to see crypto working? BTC (on chain) is still working as intended, after all these years.

bmitc 4y ago
> Lumping diagonally opposed things (centralized coins like FTT or decentralized coins like BTC) under the same category (crypto) is quite misleading. Crypto generally means digital currency, does it not? I think leaving them out would be actually misleading. > BTC (on chain) is still working as intended, after all these years. Working in what sense?
- wsc981 4y ago
  > Working in what sense? That you can securely and cheaply transact value without a third party being involved? That governments can’t directly block your account the way Trudeau blocked protestors bank accounts? Probably a few other ways as well ...
  - Stention314 4y ago
    Bitcoin fees are often not cheap at all. Just a week ago someone got cought and the fbi took his 3 billion dollar worth of BTC. Sending crypto to someone in Iran or Russia is against the law independent of how you do it. And just because you can send BTC to Iran someone in Iran also needs to exchange it to something real again. While banking is more restrictive, when you go to your bank with your passport, you actually can recover your account. I know someone who lost 10k because he lost his key. For most people it's saver and easier and they are not affected and don't care about all those BTC/crypto benefits at all
    - kevinak 4y ago
      You need to start backing up your statements with facts. Please show us that bitcoin fees are "often not" cheap at all. Here's some actual data you can look at: https://mempool.space/graphs/mining/block-fee-rates#all https://mempool.space/graphs/mining/block-fee-rates#all Look at the "Min" fee rate; regularly very close to 1. That's $0.02 at current prices.
      - Stention314 4y ago
        Sources? I was buying and transferring bitcoins over 8 years as I bought weed through it. Of course you can even pay 0 but you know it's not the normal someone would wait days for the transaction going through. You clearly did not use Bitcoin often enough otherwise you could just looked the spikes up yourself. That first corona year was even worse with the fees.
        kevinak 4y ago
        That's not a source. I literally posted a source showing you it's very cheap. The minimum fee is the lowest fee you'll pay to get into the next block. I used Bitcoin way back in 2010. Though I don't understand why that makes a difference since you can look up the prices in hindsight.
    - wsc981 4y ago
      > Sending crypto to someone in Iran or Russia is against the law independent of how you do it. One thing to keep in mind: laws are not always just. I believe it's okay to sometimes not follow the law, if the law is unjust. One example: in WW2 Germany there were many laws against minorities that were unjust [0]. Most law obedient people would follow these laws regardless. Perhaps a person want to support his family in Iran or Russia that's going through difficult times. And perhaps crypto is the only way to help. In such cases I think it's okay to oppose the law. --- [0]: https://encyclopedia.ushmm.org/content/en/article/the-nuremberg-race-laws https://encyclopedia.ushmm.org/content/en/article/the-nuremb...
YossarianFrPrez 4y ago
It's an interesting level of abstraction question. On a fine-grained level, yes, BTC works algorithmically as you have pointed out, and FFT is not the exact same thing as BTC. The question the is whether either of these things work socially / for society. Whether it's accurate or not, I imagine non-experts would regard the difference between BTC and FFT as pretty negligible, perhaps akin to the difference between "social media" and IG vs. Reddit.
- Bootvis 4y ago
  The creation, distribution and governance are completely different. The public may not care but in the long run we mow see it matters.
  - Bootvis 4y ago
    To support my point: https://mobile.twitter.com/whale_alert/status/1591616598280122368 https://mobile.twitter.com/whale_alert/status/15916165982801... This doesn’t happen with BTC because it wasn’t created out of thin air.
grumpyprole 4y ago
> BTC (on chain) is still working as intended, after all these years. It's certainly working on destroying the planet with its obscene energy requirements.
- systemvoltage 4y ago
  I am not a fan of "destroying the planet" arguments mainly because anything goes, super ambiguious and not very precise. Buy our razors because cartridge razors are destroying the planet! https://bandisposablerazors.org/ https://bandisposablerazors.org/ Destroying the planet = Can't question it, can't argue about it, it is the end all of all arguments. How could you ever oppose something that destroys the planet? They all sound the same: https://en.wikipedia.org/wiki/Greenwashing https://en.wikipedia.org/wiki/Greenwashing
  - kevinak 4y ago
    On top of being hard to argue against, it just isn't true. It's a net positive for the environment, at least it will be in a couple of years: https://batcoinz.com/50-landfills-mining-bitcoin-a-zero-emission-bitcoin-network/ https://batcoinz.com/50-landfills-mining-bitcoin-a-zero-emis...
    - systemvoltage 4y ago
      Generally though, conceptually the argument goes like this "You can't do X because it destroys the planet. Since we cannot destroy the planet, there is no other option but to accept banning of X". But, there is no limits or guards to this. You can easily go down the slippery slope and say X is the city of Chicago that needs to be destroyed for the collective good. It consumes too many resources. Riddled with subjectivism. You cannot do less since there are no objective limits to what is "acceptable levels of destruction of the planet" means. It has a different subjective weight to different entities arguing the position. In the limit, this would mean we erase humanity all together and leave the planet alone. You can bully a lot of things your way before any one can speak up against it. There is a level of insidious moral superiority built into it which makes it prime for exploitation. Corporations are doing exactly that.

capkutay 4y ago

FTX is a centralized (not DeFi) exchange that used their own coin as collateral and obfuscated their liquidity. This wouldn’t be possible in open decentralized exchanges that many in web3/crypto were advocating for. However SBF made it his mission to lobby regulation on DeFi and a blind eye to CeFi exchanges like his own. https://www.politico.com/newsletters/morning-money/2022/10/21/defi-showdown-at-senate-ag-00062869 https://www.politico.com/newsletters/morning-money/2022/10/2...

vkou 4y ago
> many in web3/crypto were advocating for. If many people in this space are advocating for decentralized exchanges, how come everyone uses centralized ones? If there's ever a time and place for voting with your wallet, this seems to be it, and the wallets are speaking loudly and clearly.
- zeroclip 4y ago
  The wallets are speaking clearly, DeFi volume is through the roof right now. https://defillama.com/dexs https://defillama.com/dexs A lot of people put money on CEX because they are ignorant, or willing to take on some risk for slightly cheaper and faster trades. Those people probably regret their decision now. If they used Uniswap and Aave they could not have withdrawals paused because of one company’s insolvency.
- apienx 4y ago
  "If many people in this space are advocating for decentralized exchanges, how come everyone uses centralized ones?" Convenience.
- boppo1 4y ago
  DeFi doesn't interface with fiat.
hiq 4y ago
You just get a different set of tradeoff on a decentralized exchange. E.g. many users don't have the basic opsec required to protect their private key without losing it. For a cryptocurrency owner taken at random, I think it's likelier that they make a mistake with their private key than they lose tokens held in a Coinbase (or another CEX among the less dodgy, regulated, etc.) account.

Nursie 4y ago

This is what the entire cryptosphere always seems to miss - society. People have pitched cryptocurrency/blockchain/NFTs for all sorts of things, and every one is a pure tech solution that misses the social aspect. I had someone try to tell me blockchain voting would fix Russian democracy, because it would ensure transparent, accountable elections. OK, so how are you getting it in there? Just going to stroll into the Kremlin and make the current leadership implement it? You’ll be laughed at shortly before your arrest. No, fixing Russian politics is primarily a social issue. Transparent, accountable voting could be part of a possible future effort at reform, but first you need to somehow gain the power to implement reform at all. Coming up with a software solution alone does nothing. And this is what is often missed. “I can imagine a better future in which my amazing software solution plays a pivotal role, therefore if I create that software, things are sure to turn out that way”

naijaboiler 4y ago

Its really a viewpoint common to tech workers. They see and solve the technological aspects of a problem while remaining blind to the larger more complex social aspects that remain unsolved, but think the problem is solved. Here are other examples: - promising self driving cars (driving is more than a technical activity, it's a social activity. AI is nowhere close to driving the easier technical aspects, much less the more complex social aspects) - AI is already better than or will replace doctors. As of all doctors do is look at symptoms and up with diagnosis. The social part of medicine is the larger job by far, not diagnosis. - algorithms can't biased. My AI predicts some function that has some real life impact. That the input data is biased, and therefore the output data is just as biased or even more biased. Well that's not my problem. I only build models, and lines of codes are not biased. But the result of your work is being used in the society to perpetuate bias. It's not okay to remain wilfully oblivious to that.